Life Insurance for Nurses [2024]
insurance for nurses can be confusing. However, nurses have a potentially dangerous job that makes having enough insurance coverage essential. Below, we provide you with information such as when nurses should buy insurance, where they can find it, what type of insurance is best, and more.
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Jeff Root
Licensed Life Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Life Insurance Agent
UPDATED: Feb 26, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Feb 26, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Nurses should consider purchasing their own life insurance policy aside from their employer-provided coverage.
- Term life insurance may be a good option for nurses looking to fill the gap during their working years.
- Two popular life insurance options for nurses are the Nurses Service Organization and American Nurses Association.
While just about everybody should be concerned with making sure they have enough life insurance coverage, nurses especially need to take it into consideration due to their potentially dangerous work.
Life insurance for nurses can be a little confusing though. Isn’t your employer-provided life insurance enough? Which types of term life insurance are best? Where can you find life insurance for nurses?
Below, we’ll answer these questions and more.
If you need even more help, enter your ZIP code into our free quote comparison tool above to start comparing life insurance quotes from companies in your area.
Should nurses buy life insurance?
Yes, nurses should consider having a life insurance policy. The job that nurses perform can put them in potentially dangerous situations, especially if working with people who have contagious diseases.
For some nurses, these cases, along with the everyday stress of the job, can lead to a shortened lifespan. Therefore, it is important to make sure your family is provided for after you pass.
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What if I already have life insurance through my employer?
Life insurance for nurses through your employer can be both a blessing and a curse. While employers often provide a cheap or even free option for life insurance, you do not ultimately own that policy. Your employer does.
This means that if you switch jobs, you will no longer be covered. And, while your next employer may offer a life insurance benefit, your employer can always choose to decrease coverage or get rid of your policy altogether for just about any reason.
Another downfall of employer-provided life insurance is that you could unintentionally leave yourself with no options in the future.
For example, if you have to leave work due to an injury or illness, you wouldn’t have access to your life insurance, and that same injury or illness could disqualify you from other life insurance policies.
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When should I purchase life insurance?
You should consider purchasing life insurance as soon as possible. You never know when you will need it.
As you get older, life insurance becomes more expensive, so the earlier you buy life insurance, the more affordable it will be. You’ll also be lessening the risk of being denied due to age, injury, illness, or some other factor.
What type of life insurance is right for nurses?
The type of life insurance you decide to buy will depend on your needs. The easiest and often most simple choice is a term life insurance policy.
A term life insurance policy has set premiums and offers coverage for a specific period of time. It is often one of the cheaper options for life insurance.
Term life insurance would be good for nurses who are looking for a policy to cover them during their working years and to cover any gaps left in the policy provided by their employer.
For a more permanent life insurance policy that will last your whole life, whole life insurance or universal life insurance are a better option. You may find you pay more for these policies, but they often have added benefits that term life doesn’t offer.
For starters, whole life and universal life last forever as long as you pay your premiums. They may also offer cash value that can be borrowed against during your lifetime.
You can also add riders to your whole or universal life policies to customize your coverage. One of these riders may be a term life rider, where you would receive a higher amount of coverage for a set amount of time.
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Where can I buy life insurance for nurses?
Life insurance for nurses can be found from any major life insurance provider. However, if you want something more tailored to your job as a nurse, two popular choices are Nurses Service Organization and American Nurses Association.
NSO insurance options include group term life insurance, group level term life, 50 plus senior group term life insurance, as well as other options, such as disability income insurance, dental and health insurance, long-term care, auto and home insurance, and more.
ANA members have access to personal benefits that include final expense insurance. This is not the same as life insurance, but it can offer enough coverage to help pay for a burial and funeral.
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How can I get quotes?
To give you an idea of what you might pay for life insurance, take a look at the table below:
Average Annual Life Insurance Rates by Age and Smoker Status
| Age and Smoker Status | Average Male Annual Life Insurance Rates | Versus Average Top 10 Insurers | Average Female Annual Life Insurance Rates | Versus Average Top 10 Insurers |
|---|---|---|---|---|
| 25-Year-Old Non-Smoker | $152.00 | -$26.54 | $158.00 | -$2.57 |
| 35-Year-Old Non-Smoker | $160.00 | -$25.04 | $164.00 | -$1.91 |
| 45-Year-Old Non-Smoker | $245.00 | -$22.89 | $262.00 | +$21.75 |
| 55-Year-Old Non-Smoker | $696.00 | +$171.05 | $414.00 | +$7.06 |
| 65-Year-Old Non-Smoker | $1,416.00 | +$142.88 | $924.00 | +$43.34 |
| 25-Year-Old Smoker | $346.00 | +$24.24 | $210.00 | -$38.75 |
| 35-Year-Old Smoker | $416.00 | +$55.77 | $252.00 | -$34.18 |
| 45-Year-Old Smoker | $739.00 | +$101.49 | $464.00 | -$29.20 |
| 55-Year-Old Smoker | $1,428.00 | +$63.91 | $864.00 | -$127.63 |
| 65-Year-Old Smoker | $2,868.00 | -$377.05 | $1,884.00 | -$351.31 |
| Average Non-Smoker | $533.80 | +$47.89 | $384.40 | +$13.53 |
| Average Smoker | $1,159.40 | -$26.33 | $734.80 | -$116.21 |
Life insurance quotes for nurses can usually be found online. You should begin by researching the companies you are considering by doing some quick Google searches, such as for NSO life insurance reviews or financial strength ratings.
You can then go to the website of the companies you are considering. Many will offer free quote tools right on the website. You may also have to contact their customer service department or an agent who sells their products.
You will likely need to provide some personal information, and some policies will require a medical exam to qualify.
Case Studies: Life Insurance for Nurses
Case Study 1: Maria’s Story
Maria is a registered nurse who works in the intensive care unit (ICU) of a busy hospital. She is passionate about her job and dedicated to providing the best care for her patients.
However, Maria understands the risks associated with her profession and wants to ensure her family’s financial security in case something unfortunate happens to her. Maria decides to purchase a term life insurance policy to cover her working years.
She understands that this type of policy provides coverage for a specific period and offers affordable premiums. By having her own life insurance policy, Maria gains financial freedom and the ability to customize her coverage according to her family’s needs.
Case Study 2: David’s Dilemma
David is a nurse who currently has life insurance coverage through his employer. While this employer-provided coverage seems convenient and cost-effective, David is concerned about its limitations.
He realizes that if he were to switch jobs, he would lose the life insurance coverage. Additionally, he could find himself without any coverage if he had to leave work due to an injury or illness.
To address these concerns, David decides to explore purchasing an individual life insurance policy. By owning his own policy, he can ensure continuous coverage regardless of his employment status. This provides him with long-term financial security and the ability to tailor his coverage to his specific needs.
Case Study 3: Sarah’s Options
Sarah is a nurse who is considering different types of life insurance policies. She wants to make an informed decision based on her needs and preferences. Sarah understands that term life insurance is a popular choice for nurses looking for coverage during their working years.
It offers set premiums and coverage for a specific period, making it an affordable option. On the other hand, Sarah is also interested in exploring permanent life insurance policies like whole life or universal life insurance.
These policies provide lifelong coverage and may offer additional benefits such as cash value accumulation and the ability to customize coverage through riders. Sarah recognizes that these policies may have higher premiums but believes the added benefits outweigh the costs.
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Summing It Up: Life Insurance for Nurses
Nurses should make life insurance an important consideration since they are often involved in potentially dangerous situations because of their job.
While some nurses are provided with life insurance through their employer, it may be a better option to purchase a life insurance policy of your own. This will give you greater financial freedom, and you can further customize your coverage.
Term life insurance may be a good option for nurses just looking for coverage during their working years, while a whole life or universal life insurance policy will offer a more long-term coverage with more benefits.
Two popular life insurance options for nurses are the Nurses Service Organization and American Nurses Association, but nurses can likely purchase life insurance from many major companies.
If you are a nurse and need help finding affordable life insurance, enter your ZIP code into our free quote comparison tool below and find life insurance rates suitable for you.
Frequently Asked Questions
Why do nurses need insurance?
insurance is important for nurses, just like it is for anyone else. It provides financial protection for your loved ones in the event of your untimely death. As a nurse, your income may be a significant contribution to your family’s financial well-being. insurance ensures that your family can maintain their standard of living, pay off debts, cover funeral expenses, and meet other financial obligations.
What types of insurance are available for nurses?
Nurses have access to various types of insurance policies, including term insurance and permanent insurance. Term insurance provides coverage for a specified term, typically 10, 20, or 30 years. Permanent insurance, on the other hand, provides lifelong coverage and often includes a cash value component that can grow over time.
How much insurance coverage do nurses need?
The amount of insurance coverage you need as a nurse depends on your individual circumstances. Factors such as your income, debts, financial goals, and the needs of your dependents should be considered. As a general guideline, it’s recommended to have coverage that is equal to 5-10 times your annual income. However, it’s best to evaluate your specific needs with a financial advisor or insurance professional.
Can nurses with pre-existing medical conditions get insurance?
Yes, nurses with pre-existing medical conditions can typically obtain insurance. However, the availability and cost of coverage may vary depending on the severity and type of condition. Insurance companies may require medical underwriting, which involves a review of your medical history and possibly a medical exam. It’s important to disclose any pre-existing conditions accurately to ensure you receive the appropriate coverage.
Does being a nurse affect the cost of insurance?
Generally, being a nurse does not significantly affect the cost of insurance. Insurance premiums are primarily based on factors such as age, health, coverage amount, and the type of policy you choose. While nursing is considered a relatively safe profession, certain high-risk specialties or hazardous work environments may slightly impact premiums. However, it’s important to compare quotes from multiple insurers to find the most competitive rates.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Jeff Root
Licensed Life Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
